ABB India net profit rises by 58% to Rs 306 crore in December quarter

ABB India on Friday posted a 58 per cent jump in its net profit at Rs 306 crore in the December quarter, mainly on the back of higher revenues.

The company's net profit stood at Rs 194 crore in the year-ago period.

For Q4 CY2022, the net profit was Rs 306 crore, up by 58 per cent year-on year, the company said in a statement.

In the December quarter, total revenue rose to Rs 2,427 crore from Rs 2,101 crore a year ago.

The company follows January to December calender as its financial year.

For CY2022, the net profit almost doubled to Rs 1,026 crore from Rs 532 crore in CY2021, it said.

The profit after tax for CY2022 includes an exceptional item of Rs 339 crore from the profit on the sale of the turbocharger business, it explained.

It posted a revenue of Rs 8,568 crore for CY2022, the highest in the last five years. Its revenue was at Rs 6,934 crore in CY2021.

ABB India achieved a significant milestone in order booking by reaching Rs 10,028 crore in CY2022 and Rs 2,335 crore for the fourth quarter of CY2022 (October-December 2022).

The firm continues to have a strong and consistently growing order backlog at Rs 6,468 crore as of December 31, 2022.

The company's board recommended a dividend of Rs 5.50 per share (275 per cent), subject to the approval of shareholders.

"...ABB India team's pride to have gained back order volumes to Rs 10,000 crore to pre-demerger level of the portfolio.

"The Oct-Dec (Q4 CY2022) quarter has seen growth across multiple market segments and performance parameters, complemented by good execution for domestic market and export customers with responsive service," Sanjeev Sharma, Country Head and Managing Director, ABB India said in a statement.